Largest South Korean VC Firm Invests in First Blockchain Startup

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October 3, 2018 by
Largest South Korean VC Firm Invests in First Blockchain Startup

On Tuesday, Korea Investment Partners (KIP), the largest venture capital firm in South Korea, is investing in its first blockchain startup, TEMCO.

KIP is investing an undisclosed amount of money into TEMCO, a blockchain-based startup that aims to revolutionize supply chain management systems for small- to medium-sized businesses (SMEs) using blockchain technology.

“TEMCO is more than prepared to disrupt contemporary supply chain process,” Jong Hyun Kim, investment board member of KIP, stated in the official press release, “Not only does TEMCO exceed existing business solutions, but also is a prime example of the potential of blockchain technology.”

About TEMCO

TEMCO aims to disrupt the supply chain management system. Envisioned as a public supply chain blockchain, the startup utilizes bitcoin smart contracts and public ledgers to build the next generation of supply chain management systems.

TEMCO has received major institutional investor support from RSK (Bitcoin Smart Contract Platform), TLDR Capital (Global Cryptocurrency Investment Firm), Deblock (ICON Foundation Accelerator), and Blockchaini (Global Blockchain Accelerator).

About KIP

With offices in 4 major cities—Seoul, Shanghai, Beijing and Sunnyvale, California—KIP specifically invests in high growth sectors. The company’s portfolio history spans over 30 years, and its venture firm manages over 20 private equity funds and successfully invested in over 500 companies. Notable investments include: Kakao – the most widely used Korean mobile messenger, Naver – the dominant search engine and web portal in Korea, Korbit – the world’s first Bitcoin-Korean Won exchange, Bithumb – the largest Korean bitcoin exchange, and many other. KIP will utilize their management expertise to accelerate TEMCO’s development.

Learn more about the TEMCO project on their website.

“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”

Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.

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